Liable


Definition of "Liable"

Legal responsibility for something. For example, an owner of commercial property (e.g., restaurant) is legally obligated for damages on that property (e.g., restaurant patron falls and breaks his leg because of a wet floor).



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Collateral Assignment

Designation of a policy's death benefit or its cash surrender value to a creditor as security for a ...

Commutation

In life insurance, the exchange of a series of installment payments, as the result of an installment ...

Term Life Insurance

Life insurance that stays in effect for only a specified, limited period. If an insured dies within ...

Drive Other Car Insurance (doc)

Endorsement to an automobile insurance policy that protects an insured in either or both of two circ ...

Acquisition Cost

Total price of purchasing property, including the amount of the property, cost of appraisal fees, at ...

Annuity Due

Annuity under which payments are made in the beginning of each period (month, quarter, or year). ...

Related Real Estate FAQ

What Is A Home Warranty?

A home warranty is a guarantee for certain features of a new home-for instance, the materials and wo ...

What Does FSBO Mean?

FSBO means for sale by owner. ...

What If They No Longer Make My Specific Computer?

The insurance company will replace it with a model as close to it as possible in the current retail ...

What Is A Good Faith Estimate?

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is An Amortization?

The process of paying off a loan balance. As you make payments, a certain amount is applied to the p ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

7 Tips for a First Time Homebuyer 10 Tips for Homebuyers Why Use a Real Estate Agent? Rent or Buy - the pros and cons How To Get A Loan with Bad Credit

FAQ

What do I need to know about Indemnity Insurance? What do I need to know about Individual Health Insurance? What is a gift letter? What is a debt-to-income ratio? What is a FHA mortgage?